Are you building a financial app that requires linking your customers’ bank account to obtain access to a source of funds? With more consumers accessing online financial services and transferring funds than ever before, the ability to manage account authorization and validate risk in real time is crucial for risk management. At the same time, consumers expect onboarding and program participation to occur immediately, so if a process is not fast and easy enough, they are likely to abandon the attempt. The common verification approach of initiating micro-deposits into consumers’ bank accounts is error prone and takes numerous days to complete. This can result in a very poor impression of the service quality at a time where ease and speed are now the table stakes of a desirable customer experience. This is where Yodlee® Instant Account Verification (IAV) can help. IAV offers a safe, secure, and fast way to complete account authorization for customer onboarding while simultaneous improving your ability to make more precise decisions for further transactional services. Quick & Easy Account Authorization Yodlee has broad institutional coverage, connecting to an industry leading 85% of U.S. bank accounts and 80% of Canadian banks in real-time. Yodlee IAV verifies more than 70,000 accounts each day. This coverage combined with Yodlee’s patented Fastlink technology allows your customers to verify their bank account ownership without having to pull out a checkbook or look up information on a bank statement. Overcoming the bank routing number hurdle delivers the fastest and easiest experience to move through the authorization process. Manage Risk IAV follows NACHA best practices by combining bank-level security & multifactor authentication with matching protocols against your customer’s authenticated identity. Yodlee further empowers risk management by providing up to 90 days of transactions to enable greater precision in setting transaction limits as well as offering ongoing access to real time account balances for more intelligent approval decisions. Leading fintech innovators like Amazon, Dwolla, and MiiCard use Yodlee IAV to power their financial apps. To learn more, download this white paper or attend my presentation at Money20/20 booth #1918. We will be raffling off a $20 Amazon gift card at the end of each presentation. Hope to see you there!
